BlueFire Signs Agreement with Permian Basin Distributor
BlueFire Signs Agreement with Permian Basin Distributor
Company presence expected to generate substantial business in the region
HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB: BLFR) announced today that it has signed an agreement with Midland, Texas agent Tom Willis to serve as its representative in the Permian Basin. Willis will facilitate a local business presence for BlueFire, allowing greater collaboration with customers in the region. He will make BlueFire's proprietary polycrystalline diamond cutter (PDC) drill bit technology more accessible to drillers operating in the area and engage the company in other transactions for equipment and services.
Crude oil production in the Texas Permian Basin is approaching a million barrels per day according to Karr Ingham, a petroleum economist for the Texas Alliance of Energy Producers. BlueFire's PDC drill bits are expected to become a sought-after commodity for their higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales such as those found in the area.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "Drilling operators in West Texas will appreciate BlueFire's high performance technology and boots on the ground to deliver top customer service on location." He added, "We welcome Tom to the BlueFire team and we are confident he will add even more value to our innovative and cost saving drilling equipment."
As previously announced, this proprietary bit allows much faster and longer drilling, without the need to stop and pull the entire drill pipe out of the well to replace a spent drill bit. According to recent findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving considerable time and costs for the driller. Last month, BlueFire announced it is working with the United States Patent and Trademark Office for an additional drilling tool patent.
Details about BlueFire Equipment Corporation and information about obtaining a quote are available at www.bluefireequipment.com.
About BlueFire Equipment Corporation (BLFR)
BlueFire Equipment Corporation designs and manufactures proprietary drilling technologies for use in the exploration and production of oil and gas in the United States. It sells and leases various sizes of polycrystalline diamond cutter (PDC) drill bits to drilling contractors and oil and gas companies. BlueFire Equipment Corporation was founded in 2008 and is headquartered in Houston, Texas, where other major exploration and production companies have a presence, including ExxonMobil, BP and ConocoPhillips.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release only speaks as of the date of its distribution.
BlueFire Equipment Corporation
William Blackwell, 866-713-3700
KEYWORDS: United States North America Texas
INDUSTRY KEYWORDS:
The article BlueFire Signs Agreement with Permian Basin Distributor originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
